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Former president and Republican presidential nominee Donald Trump on Sunday signaled support for reclassifying marijuana under federal drug laws and legislation to give regulated cannabis companies access to traditional business banking services. He also indicated that a second Trump administration would support state efforts to legalize recreational marijuana, including a measure to legalize recreational marijuana on the ballot for the general election in his adopted home state of Florida.
“As President, we will continue to focus on research to unlock the medical uses of marijuana to a Schedule 3 drug, and work with Congress to pass common sense laws, including safe banking for state authorized companies, and supporting states rights to pass marijuana laws, like in Florida, that work so well for their citizens,” Trump wrote on Truth Social Sunday night, according to a report from online cannabis news source Marijuana Moment.
Trump also said that he would vote in favor of Amendment 3, a constitutional amendment to legalize recreational marijuana in Florida that voters will see on ballots for the November general election, a position he indicated in a separate social media post last month.
“As I have previously stated, I believe it is time to end needless arrests and incarcerations of adults for small amounts of marijuana for personal use,” he said. “We must also implement smart regulations, while providing access for adults, to safe, tested product. As a Floridian, I will be voting YES on Amendment 3 this November.”
Trump first indicated support for decriminalizing marijuana last month in a post on Truth Social. He also hinted support for Amendment 3, although he did not explicitly endorse the measure.
“As we legalize it, I start to agree a lot more because, you know, it’s being legalized all over the country,” Trump said, according to a report from Marijuana Moment. “Florida has something coming up. I’ll be making a statement about that fairly soon.”
Cannabis Industry Reacts
Cannabis industry executives were quick to note that Trump’s rather sudden support for cannabis reform measures threatens to co-opt an issue that has been championed by the Biden administration and the Democratic presidential nominee, Vice President Kamala Harris. A proposal to reclassify cannabis to Schedule III of the Controlled Substances Act, however, will not be decided until after the election. Democrats have also advanced legislation to give cannabis operators access to banking services known as the SAFE Banking Act, but so far have been unable to gain approval for the bill in the Senate.
Brady Cobb, CEO of Florida medical marijuana operator Sunburn Cannabis, says that with Sunday’s social media post, “Trump clearly stated his position in favor of Amendment 3, which would legalize recreational cannabis use in Florida, rescheduling cannabis to schedule III, and SAFE Banking, and in the process stole the issue from Democrats who have long talked about reform but never delivered on their promises.”
“Irrespective of the partisan-themed battles that will follow, cannabis reform has not been elevated to a tier 1 national issue and will likely enjoy the rarified air of having bipartisan support as we head into one of the most pivotal elections this country has ever seen,” he adds in an email statement.
Emily Paxhia, managing partner of cannabis investments firm Poseidon Investment Management, notes that “Cannabis reform has long been a bi-partisan issue when it comes to the voters, but lawmakers on both sides of the aisle have failed to act on behalf of their constituents.”
“While we saw encouragement from Biden/Harris on reviewing the schedule of cannabis, the conversation ended there. Trump has thrown down the gauntlet with his latest commentary on cannabis reform,” Paxhia writes in an email. “He has hit on issues that resonate with the industry and cannabis patients/consumers. He has also shown that his opinion on cannabis is becoming more informed. It is refreshing to hear such a pragmatic take on cannabis as a key issue in this election and it is stunning to note the silence from the Harris campaign. The time is now to articulate a position on cannabis reform, or the Democratic ticket will be missing out on an issue that polls better than almost anything in our country at this time.”
“The recent shift in cannabis policy marks a historic moment for the U.S., as we now have two presidential candidates—Vice President Harris and former President Trump—supporting the removal of cannabis from its current Schedule I classification,” NewLake Capital Partners, Inc. CEO and president Anthony Coniglio writes in a statement. “This is the first time in history that both major party candidates are on record in favor of cannabis reform. We have always maintained it’s not a matter of ‘if’ but ‘when’ cannabis reform will happen and this is a clear signal that the political barriers to progress are dissipating.”
“}]] Donald Trump has indicated he supports reclassifying marijuana under federal drug laws as well as bill to ease access to banking services for pot companies. Read More